Nano Dimension sweetens bid for Stratasys to $25 vs. $24 a share as three-way battle for control of 3D printer maker continues

Nano Dimension Ltd. (NNDM) again sweetened its bid for 3-D printer maker Stratasys Ltd. (SSYS) early Tuesday to $25 a share in cash, from $24 previously as it seeks to acquire between 31.9% and 36.9% of the company's shares. The company extended the expiry date for the offer to 5:00 p.m., Eastern on July 31. "Tendering shares to Nano will deliver 233% more cash to Stratasys shareholders in the near-term than any currently available alternative and preserves the ability to generate future value creation through strategic M&A opportunities," the company said in a statement. The higher price is equal to a premium of 93% over Stratasys' unaffected 60-day average share price. The offer comes a da after Stratasys said it has determined that the recently raised cash-and-stock buyout bid from 3D Systems Corp. (DDD) is likely a "superior proposal" as defined by its merger agreement with Desktop Metal Inc. (DM) Stratasys said it will "engage in discussions" with 3D Systems regarding its unsolicited bid. Separately, Stratasys said it "unanimously rejects" the latest unsolicited cash partial tender offer from Nano was ""misleading, coercive and substantially undervalues the company." The three-way battle for control of Stratasys has been waging since May. Stratasys stock was up 3.4% premarket, while Nano Dimension was untraded and 3D Systems was up 2.4%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

07-18-23 0609ET

Copyright (c) 2023 Dow Jones & Company, Inc.